A report from the Federal Reserve Bank of New York (N.Y. Fed) published last week revealed a new all-time high for American credit-card debt, hitting a mindboggling $1.14 trillion in 2024’s second quarter.
[RELATED: Mainer’s Are More in Debt Than Residents of 46 Other States…]
A separate Q2 report from credit monitoring firm TransUnion found that as credit card debt skyrocketed, the average debt per borrower reached $6,329.
The increase in credit card debt comes amid a prolonged increase in the cost of living, with many Americans reporting that they are struggling to pay for basics such as groceries, rent, and utilities.
The N.Y. Fed also revealed that over the past year, 9.1 percent of credit card balances became delinquent, and in just Q2 of this year, 136,000 new consumers became bankrupt.
Credit card debt was the second-fastest-growing form of debt, both annually and quarterly, only falling short of mortgage debt.
In Q2 of 2024, credit card debt increased by a staggering $27 billion, while it has increased by $111 billion since Q2 of 2023.
According to the N.Y. Fed data, all forms of debt have seen a significant increase since President Joe Biden took office in 2021.
In the first quarter of 2021, credit card debt was at $0.77 trillion, meaning that since President Biden took office, credit card debt held by Americans has increased by roughly 48.5 percent.
<span class="dsq-postid" data-dsqidentifier="30056 https://www.themainewire.com/?p=30056">6 Comments
How is Maine elderly population doing it. They have no chance of ever catching up.
got one at home depot the other day. 35.99 apr cant go wrong i said, and maxed it out all ready
Maine people have to survive somehow don’t they ? They key is to repeal Ranked Choice Cheating, but the Maine GOP doesn’t seem to be anywhere around. They’re all in it together.
Those dems really know how to help people.
This article highlights a great reason to support Kamala Harris price controls. She wants to keep Americans from getting further and further behind.
Issac, please show us where price controls have ever worked. But you can’t, can you.